Global water technology company Xylem has announced that it has invested $20 million for the development of innovative water and industrial technologies.
The combined $20 million investment comes through venture capital funds — Burnt Island Ventures and The Westly Group’s Funds III and IV — as part of Xylem’s external innovation program, Xylem Innovation Labs.
With a global presence, the Xylem Innovation program supports start-ups by fast-tracking technology development and leveraging Xylem’s resources to accelerate new innovations to market. The investments will aim to enhance Xylem Innovation Labs’ innovation network.
David Flinton, Chief Innovation, Technology and Products Officer at Xylem, said, “A key element of Xylem’s innovation ecosystem is investing in early-stage technology, whether developed in-house, or by promising external entrepreneurs and innovators. Our team, Xylem Innovation Labs, is working closely with our colleagues at Burnt Island Ventures and The Westly Group to nurture and scale disruptive ideas in the water industry. As a leader in developing break-through water tech innovations, we know that collaborating with a broad network of partners, including venture capital firms and start-ups, is crucial to the future of optimizing water management.”
Xylem’s position in Burnt Island Ventures, focused on supporting early-stage water innovation, is complemented by The Westly Group’s emphasis on energy, industry 4.0, and cybersecurity. Together, Xylem will have a global view and early visibility of technologies across the water value chain, including digital solutions, that are on the path to technological and commercial success.
